Investment offers reek of fraud.

Investment offers promising returns three times higher than bank interest rates "all smell like scams."

In recent days, the case of Ms. PNPT, the owner of a rice business in Tien Giang province , who alleges being defrauded of over 434 billion VND through fraudulent "international stock market investments," has shocked public opinion. Notably, this business owner is not an isolated case; numerous cases of stock and forex investment fraud have been recorded across the country recently.

Groups that scam people are rampant.

Speaking to a reporter from the Nguoi Lao Dong newspaper, Mr. PVT (Quang Nam) said he lost nearly 700 million VND investing in an unreliable foreign exchange trading platform. According to his account, he initially met a woman named Tran Kim Yen through Zalo. She used a polite profile picture and introduced herself as investing in crude oil on the Bent exchange, through an application called Cool Network, operated by Cool Network Technology Co., Ltd., with bank accounts atACB and UOB, which led him to trust her.

Having experience in stock market investing, Mr. T wanted to try a new channel, so he followed instructions, downloaded the app, registered an account, and participated in live streams with "experts" advising on how to invest profitably. Initially, he deposited a few tens of millions of VND and quickly saw his profits double, so he continued to invest more, raising the total amount to nearly 700 million VND.

The account on the app then showed a balance of over 1.8 billion VND, but Mr. T. couldn't withdraw the money. The woman contacted him, demanding an additional 250 million VND as a "commission" before he could withdraw his previous profits. Suspecting a scam, he suggested going to the company in person to hand over the cash and withdraw the money.

Mr. T. bought a plane ticket to Ho Chi Minh City and went to the Pearl Plaza building (Binh Thanh District) as instructed, but couldn't meet anyone as arranged. Upon asking the building's security guard, he learned that there was no company named Cool Network there, and that many others had come there and left disappointed. "Because I trusted the seemingly legitimate bank account and professional website, I fell into the scam. I hope my story serves as a warning to those seeking investment opportunities online," Mr. T. shared.

In reality, impersonation of securities companies to invite investors to join investment groups and then lure them into forex, international stocks, cryptocurrencies, etc., is not uncommon. Ms. Khanh Thy (residing in Thu Duc City, Ho Chi Minh City) said that almost every day she receives calls from people claiming to be employees of securities companies, inviting her to open accounts and offering investment advice promising high returns.

Besides phone calls, on social media platforms like Facebook and Zalo, Ms. Thy was also frequently invited to join forex, foreign exchange, or gold investment groups with promises of high profits. "The indicator tool that destroys the forex market - the key to mastering the market. The name of the investment group on Zalo that I haven't accepted yet, because accepting requires providing a phone number for verification. This group advertises clear buy/sell points; identifies important support/resistance levels for stocks; confidently places orders without depending on anyone, and especially, easily doubles or tenfolds your account in just one month," Ms. Thy recounted.

Screenshots of information, websites, and investment groups that Mr. PVT participated in and lost money to. Photo: SON NHUNG

On social media platforms like Facebook, Zalo, and Telegram, financial investment groups have also been increasingly popular, offering attractive deals such as "5%-10% profit per day," "safe investment - high returns," accompanied by images of bank transfers and thank-you messages from "successful investors" to build trust.

Many groups employ a "try before you buy" system, meaning new members can use a demo account or deposit a small amount to test the system. Some groups even impersonate international financial institutions, using the logos of major banks or the names of reputable securities companies to increase credibility.

In a Zalo group with nearly 400 members, "bait" accounts constantly boasted about making hundreds of millions of VND or thousands of USD in profits after just a few days of investment. The account of Phung Thi Hoa promoted the ET app with the slogan: "Play for fun but earn real money," promising no fees, no risk, and inviting users: "Anyone in need, please contact me."

However, when someone reports fraud, these accounts often retort that they are "judging by their lack of experience" and urge the suspicious person to "try it out." But according to those who participated, the promised bonuses are never paid out, and they are eventually tricked into depositing more money to unlock their account or verify transactions before losing everything.

Things you need to know

Speaking to reporters, financial expert Phan Dung Khanh affirmed that investment offers promising returns three times higher than bank interest rates "all smell of fraud." Therefore, investors need to be extremely cautious.

Regarding the case of a female business owner who accused a scam of over 434 billion VND when investing in an international stock exchange, Mr. Khanh stated that this is a fairly common scam nowadays. The name "HTX stock exchange" that the business owner mentioned sounds similar to an international cryptocurrency exchange, but it is very likely a fake intended to defraud people of their assets.

"If someone claims to be a bank employee, investors should simply call the bank directly to verify – this simple step can significantly reduce the risk of being scammed. Additionally, it's crucial to thoroughly investigate the investment service provider's functions: whether they operate domestically or internationally, and whether they are legally licensed in Vietnam. The authenticity of their operating license must be checked to avoid situations where the license states one thing, but the services provided are something else," Mr. Khanh advised.

According to Mr. Phan Duc Nhat, Chairman of Coin.Help & BHO.Network - an expert in the field of digital assets, in an era where "investment" has become a trendy keyword, many people, due to a lack of knowledge and vigilance, have become victims of sophisticated scams.

The case of an elderly woman being defrauded of over 434 billion VND due to investing in international stocks of unknown origin is a prime example and a wake-up call. Mr. Nhat said that scammers often target elderly people who are financially well-off but not tech-savvy. They offer small "bait" to create a feeling of victory, then entice victims to deposit more money in a "small but consistent" manner, forming a habit and lowering their guard. When victims become suspicious, they prolong the process or use "technical" tricks before disappearing.

Factors that make victims vulnerable to scams include: the illusion of "high returns, no risk," belief in "semi-legitimate" investments in an unstable economic environment, a lack of digital information verification skills, and especially the "sunk cost" effect – the reluctance to give up after investing a large sum.

"Today's scammers are not only tech-savvy, but also understand human psychology. They exploit greed, lack of knowledge, and personal emotions," Mr. Nhat warned, advising investors to absolutely not believe promises of high returns without risk, only use applications with clear and transparent legal origins, and absolutely not transfer money to unfamiliar personal accounts. Verifying the identity of the advisor and consulting with family and friends before investing is crucial. According to him, investing is a matter of reason, not emotion, and only timely vigilance can help protect one's entire fortune from unnecessary tragedies.

Meanwhile, the State Bank of Vietnam affirmed that it has not licensed any forex trading platforms to operate in Vietnam, and that payment and money transfer transactions related to forex are not permitted abroad under current foreign exchange management regulations.

Illegal forex trading primarily takes place online, requiring close coordination from relevant authorities to detect and address it. The State Bank of Vietnam has provided the relevant legal framework to the Ministry of Public Security and investigative agencies, and has also requested the Ministry of Information and Communications to take measures to control online forex trading platforms.

The securities company did not make unsolicited phone calls.

Responding to a reporter from the Nguoi Lao Dong newspaper, a representative of MBS Securities Company confirmed that recently, some individuals have been impersonating MBS officers and employees, calling investors and inviting them to join groups on Facebook, Zalo, etc., with the aim of collecting personal information and committing fraud to seize assets. MBS advises investors to be vigilant against impersonation calls, especially those requesting them to deposit or transfer money to designated accounts. Furthermore, investors should absolutely not provide personal information to strangers over the phone.

Mr. Nguyen Khac Hai, Director of the Legal and Compliance Division at SSI Securities Company, said the company has also received many complaints about calls impersonating SSI employees, soliciting investments or inviting people to join online advisory groups. SSI has issued numerous warnings to customers and reported the incidents to the police for handling. "Calls from SSI always use officially registered identification phone numbers; we never invite customers to join social media groups or request money transfers to personal accounts. Any such behavior is fraudulent," Mr. Hai emphasized.

Source: https://nld.com.vn/loi-moi-goi-dau-tu-sac-mui-lua-dao-196250617215616883.htm